You are currently browsing the The MPT Rating weblog archives for the day 9. June 2008.
9. June 2008 by admin.
Monday,
The DJIA stages a rebound after a major sell off Friday near 400 points, but this is not the market to be most concerned with…
The DJIA; gained 70 points for the day, and with the RSI reading 38.74 I would be shopping for oversold quality stocks as the average shows the bulk of stocks are no longer overbought, and in fact when the average is oversold, it is easy to find individual stocks even further oversold.
The NASDAQ; lost 15 points for the day, but the candlestick formation is a very bullish hammer signal bouncing off the 50 day moving average; this is reaffirming support levels in this market… I’m not that impressed with the RSI at 48, but there are some buying opportunities in that average, but I would not be aggressive for tech here… we still have gaps in need of being filled and those always get filled sooner or later. The real game here is to seek out true quality at heavily reduced prices in anticipation of the reversal to come - always stay ahead of the pack.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market came in at (02) and though this is a bearish reading it is our weakest bear reading and often a forewarning that the market is near a reversal point… I would not be short this market, but would be an aggressive buyer of those stocks we recommend to our members daily.
As always I recommend investors and traders, be smart, patient, and ever successful.
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